Real estate is an increasingly competitive industry, in which agents and managers face a variety of pain points. It can be difficult to differentiate your agency from others and to get new houses for sale–as well as to have full control over your team and data quality.
So what are the major challenges facing real estate agencies? According to our customers, here are the top 4–and how to solve them with sales gamification.
#1 - Poor data overview
How do you manage your data quality? Has your team had difficulties entering data? How many hours have you spent, as a manager, manually putting in data from your team?
Manual data entry is tedious, boring and inefficient. And considering that being overworked and not having enough time is a common issue for real estate agents, it doesn’t make sense to waste valuable time on mind-numbing data entry.
”49% of agents work 40 hours or more a week.”
With sales visualization and gamification software, you no longer have to manually input your data. Instead you have automatic, real-time data with instant notifications–that is visible to all via TV screens. Thus, agents and managers will spend less time on data entry. You will also experience higher data quality and greater transparency and visibility of both individual and company data. This will allow everyone to be on the same page, gain insight on what needs attention and celebrate milestones together.
#2 - Low motivation
Low motivation and disengagement is a common problem among real estate agencies. Agents often feel unappreciated and over stressed. And since most agents work in and out of the office, it is all too easy to feel lonely and disconnected from their colleagues.
Sales gamification allows you to build a team of highly engaged agents that understand their contributions to the company. In turn, you will also foster a more positive company culture–people will feel more fulfilled and satisfied with their work, and team spirit will be much improved.
#3 - Not maximizing potential
Real estate is a competitive market, so agents can often become discouraged and thus not live up to their maximum potential. So why not make the competitiveness enjoyable?
Introducing fun sales contests and leaderboards will help to re-motivate your agents and drive better performance. Studies show that gamification employs the “reward compulsion loop” and thus compels people to perform better. It also triggers a release of dopamine, which enhances alertness, motivation, attention and learning–among other things.
#4 - Frustrating competitions
Competitions can be great for employee engagement and motivation, but typical sales contests are often frustrating since the same people always tend to win.
Using customized leaderboards that compare more closely matched agents is effective in keeping everyone engaged and encouraging all levels of performers to do well. Tracking less traditional metrics is also useful. For example, most houses sold on a random day, in a certain area, smallest house sold, etc.
Implementing different types of contests can counteract the frustration of middle to lower performers. For instance, try running team competitions, or even a lottery competition in order to give everyone an equal chance of succeeding.
So, what does this mean for companies in the increasingly competitive real estate industry? First, it shows that there are some serious problems leading to agents not hitting quota. In fact, according to Forbes, 57% of sales reps missed their quotas last year. However, it also shows that these problems can be addresses efficiently and effectively with the right tools. Understanding your data, creating clear and efficient KPIs, driving activity with the right incentives and creating an environment of focused teamwork are just a few of the benefits of gamification.
To learn more, contact us to schedule a free demo.